Site with development potential in Melbourne's university precinct up for sale

A tenanted property with potential for development in Melbourne’s university precinct has been listed for sale.

The 478 & 480-488 Elizabeth Street site is to be sold subject to a current planning permit application for a 68-level retail, residential and hotel tower.

The site is being marketed by commercial property group CBRE’s Josh Rutman, Mark Wizel and Lewis Tong.

Offers recently closed with no indications of a sale yet although expectations are for above $30 million.

The combined landholding is 1,172 sqm and the floor area is 2,601 sqm.

The property benefits from its location on the CBD's education and medical precincts, amongst the retail core and the Queen Victoria Market, with Melbourne Central Station closely.

The site has frontage to Elizabeth Street.

The site offers significant existing improvements with refurbishment potential for office, residential and/or office uses (STPA).